cash economy

The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market. There are around 4 million small businesses in Australia, they account for 99% of businesses in Australia, contribute $380 billion to the economy, employ approximately 5.6 million

The ATO has been visiting businesses across Australia as part of its ongoing focus on the cash and hidden economy, a campaign it has dubbed Protecting honest business. In particular, it has been focusing on businesses advertising “cash-only” or dealing mainly in cash. The name of its campaign refers to the unfair advantage these cash

The government contends that the black economy affects the whole community, provides unfair competition for honest businesses, and leads to the exploitation of more vulnerable workers. Black economy taskforce wants your input “It also increases the costs of providing government services because of people who don’t pay their share of tax. This issue needs a

The ATO has announced that it is intending to visit businesses around Australia that appear to be trading as, or advertise as, cash-only operations. It says that such businesses are obvious inclusions in its focus on the cash economy. The ATO is focusing on your cash-only clients “Some may be your clients,” the ATO says.

The ramifications of Australia’s “cash economy” is a pebble in the ATO’s shoe that it is constantly looking to dislodge. As part of its ongoing campaign, the revenue agency has devised its own conclusions about what constitutes genuine “living expenses”. Reasonable living expenses and ATO ‘cash economy’ push-back. One of the tools that it has